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Global economy in danger as China's imports and exports dwindle
Posted on May 12, 2023 |
In April, Chinese imports dropped and export growth stalled, which is weakening the recovery and raising concerns about the global economy.
Overseas shipments grew by 8.5% to $295 billion from a year earlier, dropping from the double-digit growth in March.
Imports fell by 7.9% to $205 billion, which is worse than the expected 0.2% decline.
This unpredictable import drop is problematic for economies that had been wishing for China’s arrival from Covid Zero to boost their export growth.
Japan and South Korea are disappointed as they expected positive outcomes from the Chinese economic rally.